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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

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Original poster

Business asset

9 replies

upupandawaytoday · 11/01/2022 07:03

My solicitor is next to useless and I am unable to afford better.

Say a family business is the only asset (whereas I have proof I was a shareholder and taking a wage, abruptly removed following separation without being told)

If his accountant is claiming the business is worth nothing tho it is quite evident that it was making a profit prior to split, can I expect any kind of settlement? I realise there are a lot of factors involved but any advise or words of wisdom is needed to stop me throwing money away on trying to claim some kind of fairer split. (No other assets)

Stbexh is essential laughing at his cleverness of reducing his working hours and claiming that the additional income (se) and lifestyle of 6 holidays last year is claiming that it is being funded by his gf and her family. (Highly unlikely)

All this whilst paying the bare minimum cms. He is refusing to fund additional expenses like uniform despite it being added to consent order (that's a whole other story)

My useless solicitor initially mentioned spousal maintenance but doing my own research that is extremely unlikely due to his income and a financial investigator is too costly. How is it fair that I have done everything to increase my earning potentially whilst he destroys the business we built up together. His accounts are an absolute mess including gambling up to 5000 pounds, again apparently done by the new gf!

Am I being an idiot here? (Apart from the fact I married him)

OP posts:

delilahbucket · 11/01/2022 07:14

You have two very different issues here. If you were an employee and suddenly were not, you can pursue unfair dismissal. Removal of being a shareholder without the required steps being taken is against the Companies Act 2006 (I think) and action can be taken there too. Possibly you can engage no win no fee solicitors in these matters.
Have you spoken to the CMS about the false declaration of earnings? Contact HMRC too, they will investigate. Even if you don't get more money, you can land him and his accountant in a whole heap of trouble.

iloverock · 11/01/2022 07:22

As far as the business is concerned.
How big is it ? Is it an income provider because in that case you are unlikely to get anything.

If it is a large company with a substantial value then you need a formal report on it but expect to pay £4000 for a report to tell you the value.

Spousal maintenance may be possible depending on his income but I suspect he will simply say covid has taken a downturn in business and he is therefore not taking as much in income. Which he is perfectly entitled to do.

Child maintenance will be calculated as per the income. You can ask them to take into account dividends but you will need to push them for that.

FutureExH · 11/01/2022 10:25

It partly depends on the size and kind of business that it is. If it's a business employing lots of people who are capable of producing the business' output without his involvement then it might be worth pursuing.

If on the other hand it's a small business that is heavily dependent on his input (e.g. he is a consultant or a tradesman who only hires back office staff for paperwork and taking orders etc) then it is not worth pursuing. If you succeeded he would simply resign from the business and it would quickly become worthless. He'd also temporarily have no income for CMS until he set up a new business around himself.

Original poster

upupandawaytoday · 11/01/2022 18:29

Only him, a tradesman and so no not a substantial business. Yet I've got the student loan debt from retaining in accounts to support the business (tho this has led me to build my own career so I'm not really fussed) just frustrated at him hiding his cash in hand income.

If I report him to cms, is there basic amount whilst it is disputed? They won't be able to prove the cash in hand work anyway as he is using his gf to transfer the funds into his account and claiming it is a loan.

I've reported him to hmrc and the benefits office (oh yes he claimed universal as not declared his dividends)

OP posts:

FutureExH · 11/01/2022 21:14

@upupandawaytoday

I've reported him to hmrc and the benefits office (oh yes he claimed universal as not declared his dividends)

1) He's a tradesman so if you try and take a stake in the business he'll just quit and start a new one. The one you get shares in will be worthless unless maybe it owns some tools and a van you can sell;

Student loan debt is only payable when you earn over a certain amount;
If you're a trained accountant then I cannot think of many tradesmen with a higher earning potential than you, so neither of you really needs to depend on the other.

Unless he's utterly useless, aim for shared care. Don't depend on him for handouts, force him to give up as much time as you do for the children so that you can take control and earn a decent income of your own.

Original poster

upupandawaytoday · 11/01/2022 21:32

Sadly not a fully trained accountant but have worked my way up (probably the only blessing of the split I threw myself into my work)

He used to earn a significantly higher income but clearly under declaring now so on paper he doesn't earn much more than me.

Just feels so unfair that he can work part time or hide income and I've had to up my hours and live well within my means whilst he has several holidays a year.

OP posts:

FutureExH · 11/01/2022 23:49

@upupandawaytoday

Sadly not a fully trained accountant but have worked my way up (probably the only blessing of the split I threw myself into my work)

He used to earn a significantly higher income but clearly under declaring now so on paper he doesn't earn much more than me.

Just feels so unfair that he can work part time or hide income and I've had to up my hours and live well within my means whilst he has several holidays a year.

Some of it's unfair, some of it's reasonable. Unfair to downplay his income. Not so unfair for him to work part time, that's his choice if he earns enough to live.

I plan to go part time after my divorce finalises as my STBXW has no intention of working full time so I don't see why I should have to either.

Original poster

upupandawaytoday · 12/01/2022 06:50

I have no problem with him going part time but he's not, he's pretending to by taking more cash in hand. In our last year before separating he was earning around 80k now he's earning 27k. (On paper)

He won't have 50:50 custody as he can't afford to work? My monthly childcare bill is more than he is currently paying in cms and he won't offer any assistance as he believes this is included in his cms.

I work a 45 hour week so he cannot accuse me of not trying to support myself. I just want what is fair

OP posts:

FutureExH · 12/01/2022 14:43

@upupandawaytoday

I have no problem with him going part time but he's not, he's pretending to by taking more cash in hand. In our last year before separating he was earning around 80k now he's earning 27k. (On paper)

I work a 45 hour week so he cannot accuse me of not trying to support myself. I just want what is fair

Cash in hand means tax avoidance and tax avoidance means money laundering.

Suggest you tell him to pay properly or you'll be informing HMRC and the police what he's been up to the minute the youngest turns 18. He could get 7 years for laundering money.

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